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AUD/USD: technical analysis 26.11.2019

Current trend

The AUD/USD pair begins today’s trading with slight bullish bias due to correction. If the current trend maintains, the price will reach the 0.67902 resistance, which coincided with the middle line of Bollinger Bands. There is a chance of a downward rebound, while its breakout would allow the growth to continue to the area of 0.68054. This level seems a strong resistance, which can restrict further rise. Meanwhile, the decisive break of 0.68054 will able to accelerate the pair towards 0.68207.

Alternative scenario

The downward trend will be restored after the price is set below the level of 0.67674. In this case, the next targets of sellers will be the level of 0.67596, 0.67444. Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term.
Bollinger Bands are pointed downwards.
The volumes of MACD histogram are growing in the negative zone.
Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.67749, 0.67596, 0.67444.
Resistance levels: 0.67902, 0.68054, 0.68207.

Trading recommendations

Short positions can be opened below the level of 0.67674 with the target at around 0.67444 and stop-loss at 0.67750.
Long positions can be opened above the level of 0.67902 with the target at around 0.68207 and stop-loss at 0.67802.

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